Hyderabad: Chief Minister A Revanth Reddy has developed a plan to boost revenue growth in order to meet the financial needs of the state. To achieve this, monthly revenue targets will be set to reach the annual goals. Additionally, the revenue generating wings will be restructured, GST collections will be streamlined, VAT on aviation fuel will be revised, illicit liquor activities will be curbed, and loopholes in sand mining will be addressed starting this month.
The Chief Minister emphasized the importance of preventing tax evasion and ensuring that all departments take strict measures. He expressed dissatisfaction with the revenue generation up until June this year and instructed officials to set monthly revenue targets and work hard to achieve annual goals. CM Revanth Reddy also announced that he will review the achievement of monthly revenue targets in the first week of each month moving forward.
Revenue generating departments have been given the freedom to introduce reforms and reorganize if necessary to generate more revenue. A review was held with all revenue generating wings at the Secretariat recently. Finance Minister Bhatti Vikramarka will also conduct weekly meetings on Fridays to review progress towards achieving targets.
The Chief Minister stressed the need to increase GST collections, a key revenue source for the state. State Commercial Taxes officials will conduct field visits for auditing to improve GST revenue. In response to declining revenue from VAT on petrol and diesel sales, the CM directed officials to explore revising tax on aviation fuel to offset the loss.
Efforts will also be made to increase revenue from property registrations and stamp duty due to rising land and property rates in the state. Steps will be taken to prevent illegal transportation and leaks in revenue from sand and mineral resources. Officials will also study the impact of collecting tax on electric vehicles after a limited tax subsidy period on vehicle sales.
